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O +"Hedging Strategies for Natural GasKUsing Hedging Strategies to Limit Exposure in Natural Gas Markets Fall 2004GVNobody really knows where prices are going& ,, R& so you need to protect yourself: Hedging:Definition: A Strategy that seeks to execute purchases of or secures price insurance for a commodity& Types of Hedging: Physical Hedging Financial HedgingdZ#Z  #<Physical HedgingStorage Purchase excess natural gas during lower cost periods Inject gas into storage with LDC or vendor Withdraw gas from storage during higher cost periods Forward Physical Purchase Secure physical gas over an extended period (1-5 years) Receive an averaged cost of gas through the period Higher near-term gas prices averaged with lower long-term gas prices Key assumptions: Gas prices will follow some type of pattern over the medium to long term.kEJ6%,C E  J=&Benefits and Risks of Physical HedgingjBenefits Cost Stability Buy when prices are marginally lower and use when prices are marginally higher Penalty Avoidance (with storage). Extra gas  cushion for Critical Days and Balancing against unforeseen load variance Risks Prices may go counter to your well laid plans. Require management and attention. b R   R>How Much Storage Do you Get?You can purchase storage from vendors, but you should maximize what you get from the LDC How much you get from the LDC varies Nicor Gas  25% of total annual projected consumption Peoples Gas  6% of total annual projected consumption North Shore Gas  5% of total annual projected consumption Example: A commercial gas user with 1,000,000 therms in annual consumption: Nicor Gas  250,000 (~40% of Winter Usage) Peoples Gas  60,000 (~10% of Winter Usage) North Shore Gas  50,000 (~8% of Winter Usage)T~L~LDEVarious Withdrawal Strategies eForward Physical PurchasingFFinancial Hedging|Basic Concept: Utilize existing financial tools to guard against conditions that will negatively affect your budget: Swap Contracts  A bilateral agreement with a party that agrees to guarantee a  fixed price of gas for you. Futures Contracts  A NYMEX financial tool that limits your upside price exposure Options Contracts  NYMEX financial tools that can limit upside and downside price exposure Puts: Hedge against falling prices Calls: Hedge against rising prices Key assumptions: You know your financial goals As with all insurance, there is a premium to be paid!!!!ZfZZGZZWZfF    W?DSo you need a purchasing strategy& Index  Gas is purchased month-by-month at a  First of the Month Index price (likely Chicago Citygate price as recorded by the NGI) Forward Physical Purchased  Monthly gas is purchase in advance for an averaged fixed price. Cap  A fixed price for gas is set, but  put contracts are purchased to guarantee that when future market prices for gas settle below the fixed cost, the monthly price is adjusted downward toward the lower Index price. Collar  A series of  put and  call contracts are purchased to guarantee that monthly prices for natural gas will be contained within a defined price range regardless of market conditions. Hybrid  Where a percentage of each month s gas needs are purchased at a Fixed price, and the remainder purchased at an Index Price. Winter Strip  November through March gas is purchased at a Fixed price, all other months are purchased at an Index price.PP]PPPPPPPP{P}@| l^4 IllinoisCo.Description: Mid-Sized industrial firm Located in Illinois Objectives: Avoid price spikes Capture low costs when possible Does not have personnel available to closely monitor gas purchasing Characteristics: Annual Load of ~1,000,000 Therms Primarily process with winter space heating No major changes in projected volumes in next year Single Location Two meters Fair credit rating Contracts issued through the Purchasing Department Last two years of natural gas bills have been collected internally Z/ZZxZZ%ZZ  x$56Where is the Current Market?7What can the brokers offer?All Prices presume realistic and dynamic costs for basis, premiums and fees: Index  First of the Month Index per NGI Fixed  One year at $0.7690/Therm Cap  One Year Max Price set at $0.804/Therm per NYMEX Collar  Max Price set at $0.804/Therm per NYMEX, Minimum Price set at $0.36/Therm per NYMEX Hybrid  80% of each month s gas purchased at fixed price of $0.804/Therm with remaining 20% to be purchased at First of Month Index per NGI. Winter Strip  November through March gas purchased at fixed price of $0.836, all other months purchased at First of the Month Index per NGI.MM!1W 8%Where will the market go? Assumptions:Average Market Scenario9Low Market ScenarioRHigh Market Scenario`Comparative Cost ResultscRecommendations and ConclusionsPhysical and Financial hedging components should be included in gas purchasing strategy Hedging allows market participants to mitigate (not eliminate) price risk Hedging does not guarantee that you will attain the lowest price 100% of the time, rather hedging offers the opportunity to avoid risk Hedging requires management and analysis Accurate data is essential when developing a hedged position.   0` ̙33` ff3333f` 333MMM` f` f` 3>?" dd@ ?" dd@  : @ ` ?Sdd@   " @@`` PR    @ ` ` p>>L0  T(     6Q "P  T Click to edit Master title style! !$  0PT "  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  0\ "`@   *IOGCC 2003*   f r  Z3dd޽h @ ? 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"`0P`0 * f  0A?"p!H  0޽h ? 80___PPT10.CJj  0L0 (  r  S  P   r  S l   f  0A?"p!H  0޽h ? j  0L0  (  r  S  `   r  S D P  f  0A?"p!H  0޽h ? j  0L0 (  r  S p    r  S H   f  0A?"p!H  0޽h ? i$ 0L0 $#2#(  2" pq  #"J>crpq q B  ?" p T70,000" @` o Bxj ?"  NJune @` i B?" pv TTherms @` g B(?" v SMONTH @` d B ?" vp] T70,000" @` b B8 ?"v ] NJuly @` _ B4 ?" ]pD T75,000" @` ] B ?"] D PAugust @` Z Bh ?" Dp+ T80,000" @` X Bx ?"D + S September   @` U B ?" +p T85,000" @` S Bd ?"+  QOctober @` P B ?" p T90,000" @` N BD ?"  RNovember   @` B B ?" p  T95,000" @` @ B ?"  RDecember   @` = B,o ?" p  U100,000" @` ; Bw ?"  QJanuary @` 8 Bx ?" p  T95,000" @` 6 B ?"  RFebruary   @` , B/ ?" pq S 1,000,000   @` + BA ?" q OTOTAL @` * B0 ?" p T75,000" @` ) B) ?"  MMay @` ( B ?" p  T80,000" @` ' Bl ?"  OApril @` & B4 ?" p  T85,000" @` % B  ?"  OMarch @`zB - <1 ?"ptB . 61 ?" p tB / 61 ?" p tB 0 61 ?"pzB 1 <1 ?"qpqzB 2 <1 ?"qtB 3 61 ?"  qzB 4 <1 ?"ppqtB 7 61 ?" p tB < 61 ?" p tB A 61 ?" p tB O 61 ?"ptB T 61 ?"ptB Y 61 ?"+p+tB ^ 61 ?"DpDtB c 61 ?"]p]tB p 61 ?"pzB h <1 ?"vpv  6  KIllinoisCo. Projected Volumes f  0A?"p!H  0޽h ? .  0L0 v.n./.(  r  S \ P   , p  #"F: ;(p c  H ?"^ p~v0___PPT106___PPT9 O$0.6590,( "#$_  B ?"^ ~v0___PPT106___PPT9 Q June 2005, (  "#$c  H ?"^ p~v0___PPT106___PPT9 O$0.6370,( "#$^  B ?"^ ~v0___PPT106___PPT9 PMay 2005, ( "#$c  H ?"^ 3 p~v0___PPT106___PPT9 O$0.6530,( "#$`  B ?"3 ^ ~v0___PPT106___PPT9 R April 2005, (  "#$c  H( ?"^ W p3 ~v0___PPT106___PPT9 O$0.7360,( "#$`  B ?"W ^ 3 ~v0___PPT106___PPT9 R March 2005, (  "#$c  Hl ?"^ { pW ~v0___PPT106___PPT9 O$0.8250,( "#$c  B0 ?"{ ^ W ~v0___PPT106___PPT9 U February 2005,(  "#$c  HȊ ?"^ p{ ~v0___PPT106___PPT9 O$0.8620,( "#$b  B ?" ^ { ~v0___PPT106___PPT9 T January 2005, (  "#$c  H ?"^ p ~v0___PPT106___PPT9 O$0.8350,( "#$c  BX ?" ^ ~v0___PPT106___PPT9 U December 2004,(  "#$c  Hl ?"^ p ~v0___PPT106___PPT9 O$0.8020,( "#$c  Bp ?"^ ~v0___PPT106___PPT9 U November 2004,(  "#$c  HP ?"^ p~v0___PPT106___PPT9 O$0.7180,( "#$b   B ?" ^ ~v0___PPT106___PPT9 T October 2004, (  "#$c   H ?"^ p ~v0___PPT106___PPT9 O$0.6990,( "#$d   BH ?"^ ~v0___PPT106___PPT9 VSeptember 2004,( "#$c   H ?"^ p~v0___PPT106___PPT9 O$0.6550,( "#$a   B ?"^ ~v0___PPT106___PPT9 S August 2004, (  "#$c  H ?"^ +p~v0___PPT106___PPT9 O$0.6650,( "#$_  B  ?"+^ ~v0___PPT106___PPT9 Q July 2004, (  "#$  H?"^ p+ `Bid Time NYMEX6( fF$  H?"^ + `Contract Month6( fF$zB  <1 ?"ptB  61 ?"^ ^ tB š 61 ?"+p+tB Ś 61 ?"ptB Ț 61 ?"ptB ˚ 61 ?" p tB Κ 61 ?"ptB њ 61 ?" p tB Ԛ 61 ?" p tB ך 61 ?"{ p{ tB ښ 61 ?"W pW tB ݚ 61 ?"3 p3 tB  61 ?"pzB ! <1 ?"zB " <1 ?"pptB  61 ?"pzB   <1 ?"pf  0A?"p!H  0޽h ? j  0L0 (  r  S x     r  S   `  f  0A?"p!H  0޽h ? OG  0L0 FFY3XwF(  x  c $, P   f ͡ 0A?"p!QE  3X #"F:    H,7 ?"J Q$0.6590.( "    H; ?"% J Q$0.6524.( "    H ?" J%  Q$0.2890.( "    H$ ?"oJ  Q$0.6590.( "    HH@ ?"Jo NJune.( "    HB ?" J Q$0.6770.( "    H0G ?"% J Q$0.6306.( "    HK ?" % J Q$0.3550.( "    HP ?"o J Q$0.6370.( "    HS ?" oJ MMay.( "    HW ?"   Q$0.7180.( "    H ?"%   Q$0.6465.( "    HL` ?" %  Q$0.3300.( "    Hb ?"o  Q$0.6530.( "    Hf ?" o  OApril.( "    Htk ?"(   Q$0.8860.( "    Hp ?"% (   Q$0.7360.( "    Hs ?" ( %  Q$0.4000.( "    Hw ?"o(  Q$0.7360.( "    H ?"( o  OMarch.( "    H ?"r (  Q$1.0550.( "    H$ ?"% r (  Q$0.8333.( "    H\ ?" r % (  Q$0.4900.( "    H ?"or (  Q$0.8250.( "    H@ ?"r o(  RFebruary. ( "   ~ Hx ?" r  Q$1.1120.( "   } Hؙ ?"% r  Q$0.8706.( "   | H\ ?" % r  Q$0.4780.( "   { H ?"o r  Q$0.8620.( "   z H ?" or  QJanuary.( "   y Hx ?"   Q$1.0350.( "   x H ?"%    Q$0.8434.( "   w H ?"  %  Q$0.4980.( "   v H ?"o  Q$0.8350.( "   u H̼ ?" o  RDecember. ( "   t H, ?"P   Q$0.8520.( "   s H ?"% P   Q$0.8100.( "   r H ?" P %   Q$0.5000.( "   q HH ?"oP   Q$0.8020.( "   p H ?"P o  RNovember. ( "   o H ?"P  Q$0.7480.( "   n Hd ?"% P  Q$0.7252.( "   m H ?" % P  Q$0.5400.( "   l H  ?"o P  Q$0.7180.( "   k H ?"oP  QOctober.( "   j H ?" Q$0.7390.( "   i H< ?"%  Q$0.6990.( "   h H ?" %  Q$0.5500.( "   g H  ?"o  Q$0.6990.( "   f H ?"o S September. (  "   e Hh ?". Q$0.7350.( "   d H ?"% . Q$0.6485.( "   c H ?" .%  Q$0.5950.( "   b H ?"o.  Q$0.6550.( "   a H ?".o PAugust.( "   ` H ?"x. Q$0.7250.( "   _ H ?"% x. Q$0.6584.( "   ^ H" ?" x% . Q$0.6000.( "   ] H& ?"ox . Q$0.6650.( "   \ H* ?"xo. NJuly.( "   [ H4/?"x ^ High Market 6 (  &   Z H3?"% x aAverage Market 6( &   Y H08?" % x \ Low Market6 (  &   X H<?"o x [ Bid Time 6 (  &   W H@?"ox WMonth6( &  tB  61 ?"  tB  61 ?"% % tB  61 ?"oozB  <1 ?"tB  61 ?"tB  61 ?"xxtB  61 ?"..tB £ 61 ?"tB ͣ 61 ?"tB أ 61 ?"P P tB  61 ?"  tB  61 ?"  tB  61 ?"r r tB X 61 ?"( ( tB X 61 ?"  tB X 61 ?"  zB  <1 ?"zB  <1 ?"tB %X 61 ?"JJzB  <1 ?"H  0޽h ?   0L0 2*(  x  c $C    f  0A?"p! 0 BA =? "`p  = H  0޽h ?   0L0 2*(  x  c $    f  0A?"p! 0 BA >? "`@  > H  0޽h ?   0L0 2* (  x  c $d    f  0A?"p!  0 BA ?? "`pW ? H  0޽h ? M  0L0 iMaM `L(  x  c $r      6t P  sComparative Ranking Results   f 3 0A?"p!  P0  #"."P0   H~ ?"10 R$810,055. ( "    H ?"2 1 R$786,037. ( "    HD